Share Structure

Share Structure as of January 2014*

Issued & Outstanding

104,694,437

Warrants

($0.47, Feb 2015)

666,720

($0.10, January 2019)

15,900,000

Options

7,830,000

Cash

$1,100,000

Fully Diluted*

129,091,157

*If Edgewater delineates 3.0 million National Instrument 43-101 compliant ounces of gold in the Measured and Indicated categories on the Enchi Gold Project, then Kinross Gold Corp. can exercise an additional 2.5 M warrants at $0.50 and 2.5 M warrants at $1.00 (already included in the fully diluted number)